Home is now listed at just under $7.9 million after sellers backed out of an auction set to sell it last summer
By Kelli Duncan | The Read Deal
A Barrington Hills mansion featured on the TV show “Empire” is back on the market after another significant price cut and a failed auction last summer.
In the decade since the home was listed in 2013 with an asking price of $15.3 million, the price has been cut nearly in half, with an ask just shy of $7.9 million, or $449 per square foot.
The 17,600-square-foot estate at 45 Lakeview Lane has gone under contract with prospective buyers twice, in 2021 and 2022, before the deals fell through, listing agent Michael LaFido of LPT Realty said.
It was once again set to sell at an optional auction held last July but the sellers, Sam and Geralyn Cecola, exercised their right to back out of the sale after the auction did not attract as many bidders as they were hoping for, LaFido said.
Despite the promise of a “date-certain sale,” in which the highest bidder would win regardless of the price, the Cecolas backed out.
“We were anticipating eight to 10 bidders, and we fell short of that number,” LaFido said. They received “pre-auction bids” from three bidders, offers that help set the minimum of what a seller can expect to get for their property, but the offers were not as high as anticipated.
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Related: “Bidding on “Empire” mansion ends tomorrow morning,” “Architectural Digest’s Most Beautiful Home in Illinois, Featured on FOX TV’s Empire, to Be Auctioned by Elite Auctions,” “‘Empire’ mansion going up for auction after 10 years on the market,” “’Empire’ mansion in Barrington Hills finds buyer after 50% price cut,” “‘Empire’ mansion owner slashes $2 million from asking price, placing 5-bedroom Barrington Hills home at $7.5 million,” “They’re finally marketing the ‘Empire’ mansion as the ‘Empire’ mansion”
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